How Payment Gateway Thailand Works

 How Does Payment Gateway Thailand Works To Enhance Your Online Businesses?

Are you willing to establish your new online businesses in Thailand? You need a suitable payment gateway Thailand and a merchant account.

Most Thai consumers are internet-savvy and are comfortable using credit cards or money transfers to make online purchases. Every business relies on a flawless transaction procedure; therefore, if you're doing business online, you might look for the best payment solutions for your customer that fulfil all your requirements.

Also, as a merchant, you should know how payment gateway Thailand works and the Thai customer's preferred payment methods. Here, in this blog, we will discuss the payment gateway Thailand in detail. So, let’s start with the Overview of Thailand's economics.

Overview of Thailand Economics

Thailand has one of the Asia-Pacific region's most technologically advanced cultures. This neighbourhood is a favourite for merchants because most residents are young and use social media frequently.

According to J.P. Morgan Chase Bank's Economic Research from March 2019, business-to-consumer e-commerce in Southeast Asia has a value of about $26.2 billion. It is the second-largest market in the region after Indonesia.

The use of smartphones and other mobile devices surpasses desktop computers in Thailand, a mobile-first country. It has already overtaken all other e-commerce sales channels in the country, with 52% of all online buying transactions taking place in Thailand's $13.6 billion mobile commerce sector.

• More than 72% of local fintech companies are interested in offering an innovative means to transfer services.

• 40% of Thai consumers use social commerce, which is among the highest percentages in the world.

More than any other nation in Southeast Asia, the average internet expense is $1,738. Businesses that accept just a few of Thailand's most common payment options may experience tremendous growth.

What is Payment Gateway Thailand?

A payment gateway Thailand can be defined as a network that your clients use to send you money. Customers and businesses must collaborate using a payment gateway to complete a transaction.

After placing an order, the payment gateway Thailand examines the customer's card information and determines whether they have enough money to pay you.

In other words - You can use payment processor solution to take debit and credit card payments from customers online. The payment gateway processes credit card data safely and securely when linked to a website. If the transaction is approved, the solution starts the procedure for transferring money to your merchant account or high-risk merchant account. It is a straightforward solution that benefits both companies and their clients.

How Payment Gateway Thailand Works Effectively?

Although there will occasionally be minor variations to the procedure, such as when refunds or charge-backs are involved, but most transactions take place as follows:

During the checkout process, the merchant's online websites encrypt the customer-sensitive details and send them to the payment gateway Thailand.

• The customer uses their laptop or phone to browse your website, adds their choice to their shopping cart, and then goes through the checkout process.

• They could be prompted to verify their order and provide their billing and shipping information as part of the checkout process.

• They click "order" or "pay now" to submit the order.

• The payment information is transferred to your web server after being encrypted by the customer's web browser. Secure Socket Layer (SSL) encryption is used throughout the transaction; thus, as the merchant, you must own a complete SSL certificate.

• The transaction information is subsequently forwarded to your payment gateway Thailand by the gateway application on your website, once more utilizing SSL encryption.

• The payment gateway Thailand now takes control.

Payment Gateway Thailand sends a request to the customer’s bank for authorization.

• Your bank's payment processor receives the encrypted transaction information from the payment gateway Thailand (acquiring bank).

• The processor then sends this to the card association for the customer (for example- Visa, MasterCard)

• The bank that issued the customer's credit card receives the transaction through the card association.

• When the request is received, the customer's bank confirms that the customer has the necessary funds to cover the desired amount.

• When the payment processor submits a request, the customer's bank replies with a code indicating whether it was accepted or rejected.

• After that, the payment processor sends this response back to the payment gateway Thailand.

• The payment gateway Thailand sends your website, which then interprets it and sends it on to you as the merchant and the consumer who is checking out, with this response.

• Amazingly, this entire procedure takes between two and three seconds.

If the transaction is approved, the merchant is paid by the customer's bank.

• If the customer's payment is accepted, you submit the authorization to your bank as part of a batch processed through the payment processor.

• Your bank deposits all money approved either into your merchant account or the combined merchant account held by your payment gateway Thailand.

• The payment is subsequently sent into your company's bank account from that merchant account.

Which Payment Methods Are Popular in Thailand?

Your online businesses will grow if you give your customers the greatest payment alternatives. You must provide your consumers with their preferable payment options. Some of the most popular payment methods in Thailand are -

E-wallets: E-wallets are steadily overtaking credit cards as Thailand's most popular payment option. Due to the widespread use of cell phones, this payment method is very popular. In Thailand, both global and international e-wallets are common.

Bank Transfer: A common payment method is still the old-fashioned bank transfer. 45% of Thai consumers asked which payment option they preferred answered bank transfers. In Thailand, bank transfers are a more common means of payment than card transactions. Customers surveyed indicated that the following internet banking services were their favorites:

Card Payments: One of Thailand's most often-used payment options is card payments. In Thailand, credit cards are more widely used than debit cards.

13% of respondents say they prefer using a credit card in Thailand, while 55% of those asked indicated they use one for online and offline shopping. Due to the availability of money-back guarantees, credit cards shield and safeguard users against fraudulent transactions. On the other hand, only 3.6% of customers prefer debit cards, even though 46% of respondents say they have used them recently.

Cash Payments: In Thailand, cash transactions are always customers' first choice. As digital payment methods for eCommerce take control, their use is decreasing. Older and less tech-savvy people still pay with cash, making it a favoured payment option. As a result, accepting cash payments through your website is still essential, given how rapidly the Thai market is expanding.

The Fastest Way To Access And Offer Thailand’s Top Payment Methods

The best way to offer your customer their preferred payment method is to deal with the most suitable payment service provider. We advise you to deal with PayCly as it is one of Thailand's best payment service providers.

Using a single platform that offers a genuinely local payment experience in Thailand and other countries will help you attract new clients and increase sales. To free up your time to concentrate on expanding your business, PayCly maintains infrastructure and compliance while offering extensive local payment experience in every market. For businesses operating overseas, PayCly also provides an international payment gateway and high-risk payment gateway.

• Popular local and global payment options

• Payouts in more than 100 countries

• Acceptance of several currencies

Final Thoughts -

Even when it comes to online shopping, Thailand is the haven for compulsive buyers. The variety of payment options available in Thailand is a significant factor in the popularity of online businesses with consumers.

Payment gateways Thailand and internet banking are essential for online transactions. As a result, as a business owner, you must provide secure payment options to your clients. Customers now search for their chosen payment alternatives, and if they can't find them, they can easily switch to other websites. Therefore, we advise using the service provider that accepts your customers' preferred payment methods.

You can hassle-free go with PayCly as your payment service provider in Thailand. It offers you complete payment solutions for your high-risk online businesses.

Feel free to contact us through mail - info@paycly.com or directly drop your query here - https://paycly.com/apply-now.php any time to know more about our services.

Original Content - https://www.linkedin.com/pulse/payment-gateway-thailand-works-paycly-payment-gateway-service